Revolut is in talks to acquire Turkish digital bank FUPS as the neobank amps up its offering in the country, according to reports.
The acquisition talks follow Sifted reporting in September the London-headquartered fintech, recently valued at $75bn in an employee secondary share sale, has hired several financial services executives in order to spearhead its operations in the country.
People familiar with the matter told Sifted the neobank was looking to obtain a banking licence in Turkey, according to people familiar with the matter, either through an application or by acquiring a local bank.
No final decisions have been made and the acquisition will also be subject to approval by the Turkish banking regulator, Bloomberg reported on Wednesday.
A Revolut spokesperson declined to comment when approached by Sifted.
Founded in 2015, Revolut began as a travel finance app before branching into a wide range of financial services, from stocks and shares trading to pet insurance and remittances.
It now operates in more than 40 different countries and territories, and has more than 70m customers, the majority of which are in Europe and the UK. It’s also made steps to expand its customer base outside Europe, including in the US, Mexico and the UAE.
